A leading investment team
3 months
YTD
Ordinary Share Price (TR)
NAV per share (TR)
+16.9%
+12.3%
+14.6%
As at 31 October 2025. Past performance is not indicative or a guarantee of future results. Source: Bloomberg and HSBC Securities Services (UK) Limited, percentage growth, Net of Fees in GBP terms. More information on performance can be found in the Share Price & Performance tab. The end of the financial year for the Company is 30 September each year.
As the relative discount of healthcare to the broader market keeps on widening, we remain steadfast in our conviction that now could be an interesting time for contrarian investors to revisit our sector. All the ingredients for a healthcare rerating are there.
Gareth Powell, Head of Healthcare
Gareth Powell, Head of Healthcare at Polar Capital, explains why he believes sentiment in the healthcare sector may be bottoming out after almost three years of headwinds.
He highlights three key drivers supporting his outlook: strong volume growth, broad new product cycles, and renewed M&A momentum. With US policy concerns easing, valuations near multi-decade lows, and investor interest starting to return, he sees good reason to be optimistic about the potential for a healthcare recovery.
Six investment themes for the next 5-10 years
We believe Healthcare is a long-term, secular growth sector as ageing populations in developed and emerging countries worldwide drive the demand and the need for increased healthcare provision.
The conundrum is how to develop and deliver better healthcare to more people for less money. Healthcare companies with products or services that deliver demonstrable value and drive efficiency are well-placed for future growth with a number of other key long-term drivers also propelling the sector.
James Douglas,
Fund Manager
A globally diversified investment trust seeking capital growth
Demand for products and services is not dissipating and the sector continues to innovate and find solutions for complex medical problems. In addition, the healthcare sector is extremely diverse, not just in terms of business models and technologies, but in terms of market capitalisation and geography.
+5.3%
+0.2%
1 year
Managed by a team of highly experienced specialists
Conviction portfolio of 25-60 stocks with a large company bias
30% allocation to innovative small/mid-cap companies
Combining defensive growth with emerging innovation, focused around six key themes
James Douglas, PhD
Fund Manager
Gareth joined Polar Capital in 2007 to set up the Healthcare team. Prior to Polar Capital, Gareth worked at Framlington, where he began his career in investment management in 1999. Soon afterwards, he joined the Healthcare Team in 2001 and helped launch the Framlington Biotech Fund, which he managed from 2004 until his departure.
Gareth studied biochemistry at Oxford, during which time he worked at Yamanouchi, a leading Japanese pharmaceutical company (later to become Astellas). As well as this, Gareth worked for the Oxford Business School and various academic laboratories including the Sir William Dunn School of Pathology and the Wolfson Institute for Biomedical Research.
Gareth Powell, CFA
MBiochem in Biochemistry, University of Oxford
Academic qualifications
26 years
Industry experience
James joined Polar Capital in September 2015 and is a Fund Manager for the Healthcare team. He was appointed Co-Fund Manager for the Polar Capital Global Healthcare Trust in May 2017.
Prior to joining Polar Capital, James worked in equity sales specialising in global healthcare at Morgan Stanley, RBS and HSBC. James also has equity research experience garnered from his time at UBS, where he worked as an analyst in the European pharmaceutical and biotechnology team. Before moving across to the financial sector, he worked as a consultant for EvaluatePharma.
James Douglas, PhD
ACCA diploma in financial management (DipFM)
Professional qualifications
24 years
Industry experience
1 month
+9.3%
+6.7%
Professional qualifications
CFA Charterholder
David Pinniger, CFA
Fund Manager
David joined Polar Capital in August 2013 as a portfolio manager within the Healthcare team, to launch the Polar Capital Biotechnology Fund. Prior to joining Polar Capital, David was portfolio manager of the International Biotechnology Trust at SV Life Sciences.
Previously, David spent three years working at venture capital firm Abingworth as an analyst managing biotechnology investments held across the firm's venture and specialist funds, and four years at Morgan Stanley as an analyst covering the European pharmaceuticals and biotechnology sector.
David Pinniger, CFA
BA (1st Class Hons) in Human Sciences, University of Oxford
Academic qualifications
Professional qualifications
25 years
CFA Charterholder
Industry experience
MSCI ACWI Healthcare (TR)
+5.4%
+9.7%
+6.7%
+2.4%
-2.1%
+444.6%
+385.2%
+428.6%
Since Launch
Brett Pollard, PhD
Fund Manager
Deane Donnigan, PharmD
Fund Manager
Deane joined Polar Capital in June 2013 and is the Lead Manager of the Polar Capital Healthcare Discovery Fund.
Prior to joining Polar Capital, Deane began her career at the Medical College of Georgia, before becoming a clinical specialist in Drug Information and Adult Internal Medicine with Emory University Hospital in Atlanta, Georgia. After several years, she moved to the UK to join Framlington (now AXA Framlington) as an analyst for the healthcare unit trust, led by Anthony Milford. She went on to become lead portfolio manager of the Framlington Healthcare and Framlington Biotechnology funds. Deane is both a US and UK citizen.
Deane Donnigan, PharmD
Professional qualifications
Board certified and licensed pharmacist, ACCP board certified pharmacotherapy specialist, IMRO qualified
28 years
Industry experience
Damiano joined the Polar Capital Healthcare team as an investment analyst in October 2020. He started at the company in 2016 as part of the Operations team before moving to the Risk team in 2019. Prior to joining Polar Capital, he worked as a technical consultant at a fintech company. Damiano has an MSc in Mathematics and Foundations of Computer Science from the University of Oxford and is a CFA charterholder.
Damiano Soardo, CFA
MSc in Mathematics and Foundations of Computer Science, University of Oxford
Academic qualifications
Industry experience
9 years
Established and proven track record
Cumulative performance (%)
Managed by an eight-strong team of dedicated healthcare specialists, Polar Capital Global Healthcare Trust has an impressive long-term track record.
Active management is key to navigating the considerable innovation and disruption within the sector and capturing the opportunities it creates.
NAV per share (TR)
+9.0%
+7.9%
+10.0%
29.10.21
31.10.22
+21.3%
+25.0%
+19.5%
30.09.20
30.09H.21
MSCI ACWI Healthcare (TR)
+24.5%
+21.7%
+12.9%
31.10.23
31.10.24
-5.7%
-4.4%
-6.8%
31.10.22
31.10.23
Discrete performance (%)
Ordinary Share Price (TR)
Doctor of Pharmacy (PharmD), Clinical Pharmacy, University of Georgia in conjunction with the Medical College of Georgia
Academic qualifications
As a specialist healthcare investment trust, we focus on powerful growth stories, from disruptive biotech to global pharmaceuticals.
With a diversified and conservative approach, the Polar Capital Global Healthcare Trust accesses multi-decade themes while expertly navigating near-term volatility with its bias to large, defensive companies.
Is healthcare at the heart of your portfolio?
Trust Overview
Trust Overview
View fact sheet
View fact sheet
+23.7%
+16.5%
+3.1%
3 years
+5.3%
+0.2%
-2.1%
31.10.24
31.10.25
Gareth Powell, CFA
Head of Healthcare
Damiano Soardo, CFA
Investment Analyst
Leanne Smith
Investment Analyst
Tara Raveendran, PhD
Consultant - Healthcare Research
PhD and BSc (1st Class Hons) in Medicinal Chemistry, Newcastle University
Academic qualifications
FE Alpha Manager Ratings do not constitute investment advice offered by FE and should not be used as the sole basis for making any investment decision. © 2025 FE. All rights reserved.
Brett joined the Polar Capital Healthcare team in September 2021 and has 23 years of healthcare industry experience, 14 of which have been in healthcare investing.
After completing a PhD in Molecular Virology at the University of St. Andrews, Brett worked as a healthcare research analyst, covering stocks in pharmaceutical, biotechnology, medical device and healthcare service subsectors. In 2008, he cofounded an in vitro diagnostics business where he initially led corporate and business development before taking on the role of Chief Operating Officer.
After time spent in strategic advisory services, Brett moved back into corporate development and investor relations’ roles before joining the Polar Capital Healthcare team. His extensive industry and investment experience has allowed him to rapidly build up detailed coverage of the healthcare sector in emerging markets.
Brett Pollard, PhD
Studied cell and molecular biology at the University of St. Andrews; PhD in molecular virology
Academic qualifications
Industry experience
15 years
CFA Charterholder
Professional qualifications
Leanne joined the Polar Capital Healthcare Team as an Investment Analyst in October 2024. She started at the company in 2021 in the Client Services team as part of the Investment 20/20 scheme.
Leanne Smith
Passed level 1 of the CFA
Professional qualifications
BA in Cells and Systems Biology from the University of Oxford
Academic qualifications
Industry experience
4 years
Tara joined Polar Capital in September 2021, as a consultant focused on independent research for the team. Prior to joining Polar Capital, she was the Head of Healthcare & Life Sciences Research at Shore Capital.
Previously Tara spent over 15 years working in equity research, specialising in European pharmaceuticals, biotechnology and medtech at Lehman Brothers and Jefferies. She has also worked with a number of healthcare-focused startups through her life sciences consultancy, SSquared Consulting, most recently working with the UK government’s Vaccine Taskforce.
Tara Raveendran, PhD
PhD
Professional qualifications
BSc in Biochemistry and PhD in Structural Biology from Imperial College, London
Academic qualifications
Industry experience
19 years
The three key catalysts for healthcare
Healthcare Delivery Disruption
Consolidation
Innovation
Prevention
Outsourcing
Emerging Markets
Five-Yearly Continuation Vote
Source: Polar Capital. All opinions and estimates constitute the best judgment of Polar Capital as of the date hereof, but are subject to change without notice, and do not necessarily represent the views of Polar Capital. Forecasts contained herein are for illustrative purposes only and does not constitute advice or a recommendation. The Board acknowledge that there can be no certainty that the continuation vote will be passed although, at the date of approval of the financial statements, we have no reason to believe that it will not do so.
Feedback to date
• No negative comments received
• Feedback supportive to continuation
Positive shareholder sentiment
• Strong communication with the Technology Team
• Long-term investment outlook of many shareholders
• Diversified shareholder base
• Trust is included on many private buy lists
Board recommendation
• Directors unanimously support continuation and intend to vote in favour
Next vote:
Scheduled for AGM on 10 September 2025
Shareholder engagement:
Board, Technology Team and Corporate Broker have actively sought feedback from shareholders
Five-yearly continuation vote: Last passed in September 2020
Link to Notice of AGM
Link to Notice of AGM
The industry remains highly innovative and is focused on addressing high unmet medical needs. As well as meeting patients’ needs, these new product cycles drive revenue and earnings momentum.
This innovation is increasingly being enabled by artificial intelligence and machine learning that are helping to drive efficiencies and reduce complexity. AI can also lead to more accurate diagnosis and better outcomes.
Innovation as the lifeblood of healthcare
Professional qualifications
PhD
+77.3%
+93.3%
+93.5%
Since 20.06.17
Polar Capital Global Healthcare Trust: Future of the Company
As PCGH approaches the end of its seven-year fixed life, the Board of Directors has proposed to continue operating PCGH with some changed features, subject to regulatory and shareholder approval. The proposed changes will enable PCGH to continue delivering value for clients, while increasing the diversification of the Trust and its ability to seek out exciting, innovative growth opportunities within healthcare.
Robotics
Ambulatory surgery centres
Home health
Gene and cell therapy
Targeted oncology
Rare diseases
Novel vaccines
Accretive to growth and returns
Pipeline assets
Complementary technologies
Accelerating investment
Regulatory flexibility
Strong growth prospects
Contract Research Organisations
Real world data
Manufacturing
Diagnostics
Vaccines
Co-ordinated care
Remote monitoring
5bn people with increasing wealth demanding
higher quality and better healthcare
Developed world trends coupied to faser growing domestic market
Pandemic accelerated structural changes in healthcare provision
Healthcare
Emerging Markets
Innovation
AI/Machine Learning
Material progress in obesity, Alzheimer's disease, cancer and smoker's cough
Understanding of human biology and drug-design reaching new heights
The industry continues to focus on high unmet medical needs
Generating efficiencies; Adding productivity; Solving problems
More accurate diagnosis; Better outcomes
Reducing complexity
Telehealth
We see huge opportunities in this dynamic and unloved sector. With a highly experienced team, compelling valuation and supportive long-term drivers, we strongly believe that investors will be well rewarded over the next five years.
We are very optimistic about the outlook for healthcare. It is a diverse sector, spread across broad geographies with lots of growth opportunities, driven by innovation and strong demand-led characteristics. Our experienced and highly knowledgeable portfolio managers are well placed to identify those companies with strong fundamentals and compelling valuations, and deliver attractive returns for our shareholders.
Diagnostics
Vaccines
Remote monitoring
Co-ordinated care
Prevention
Contract Research Organisations
Real world data
Manufacturing
Outsourcing
Accelerating investment
Regulatory flexibility
Strong growth prospects
Emerging Markets
Accretive to growth and returns
Pipeline assets
Complementary technologies
Consolidation
Gene and cell therapy
Targeted oncology
Rare diseases
Novel vaccines
Innovation
Telehealth
Robotics
Home health
Ambulatory surgery centres
Healthcare Delivery Disruption
30.10.20
29.10.21
+31.8%
+24.4%
You can read more about these proposed changes here:
Proxy Voting Form - General Meeting November 2025
Read more
Subject to regulatory and shareholder approval, the Board of Directors proposes to continue to operate PCGH with the following features:
Proxy Voting Form - General Meeting November 2025
Circular – Proposed Tender Offer and General Meeting November 2025
Circular – Proposed Tender Offer and General Meeting November 2025
New Articles of Association – to be proposed at General Meeting
New Articles of Association – to be proposed at General Meeting
Proxy Voting Form - General Meeting November 2025
Read more
Proxy Voting Form - General Meeting November 2025
Read more
PCGH Brochure
PCGH Brochure
Trust Overview
Source & Copyright: CITYWIRE. James Douglas has been awarded a + rating by Citywire for his 3 year risk-adjusted performance for the period 30/09/2022 - 30/09/2025.
Source & Copyright: CITYWIRE. Gareth Powell has been awarded a + rating by Citywire for his 3 year risk-adjusted performance for the period 30/09/2022 - 30/09/2025.
Lisa Arnold
Chair of the Board